Wednesday , March 3 2021
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Solar installs in Europe jump by 88% in 2019 – IHS Markit

Europe added roughly 23 GW of new solar power generation capacity in 2019, up 88% year-on-year, according to preliminary calculations by IHS Markit. The continent’s share of global installations is expected to arrive at 18%, up by six percentage points from 2018. The near doubling of capacity additions was the result of a combination of favourable macro conditions, including a ... Read More »

Banker fined $58 million for smuggling Picasso painting out of Spain

MADRID: An 83-year-old former Spanish bank chairman was fined 52 million euros ($58 million) on Thursday after being convicted of smuggling a Pablo Picasso painting abroad after it was designated a national treasure. Jaime Botin, 83, ex-chairman of Bankinter, was also given an 18-month prison term but he is unlikely to serve it due to his advanced age and his ... Read More »

Airport authority plans €1.5-billion overhaul for Madrid’s Barajas

The Spanish airport authority Aena is planning to invest around €1.5 billion in remodeling its Adolfo Suárez Madrid-Barajas facility as part of its 2022-2026 Strategic Plan. Recently approved by the Aena board of directors, the operation consists of merging Terminals 1, 2 and 3 and expanding Terminal 4 and its satellite 4S to optimize the overall functionality of the airport ... Read More »

Spain planning on going ahead with ‘Google tax’ despite US tariff threats

Spain will press ahead with the creation of a tax on certain digital services as soon as a government is formed, according to sources from the caretaker executive. This so-called “Google tax” could, however, raise the ire of the United States, which has already threatened France with reprisals over a similar levy. Sources from the Finance Ministry said that the ... Read More »

Brussels asks Spain not to spend €22 billion it could save from low interest rates

Thanks to the policies of the European Central Bank (ECB), Spain could save up to €22.3 billion over the next four years if interest rates remain stable. Such savings would create a significant buffer for the next government, which will have to deal with persistently high debt levels. Madrid will also have to send Brussels a new budget plan with ... Read More »

Facing another election, Spanish economy feels effects of the stalemate

The government that emerges from Spain’s parliamentary election if one is formed at all – will have an increasingly complicated situation to deal with on many fronts, including the economic one. With the economy giving signs that the end of a cycle is near, the latest survey by the Family Business Institute shows that 16% of entrepreneurs are planning to ... Read More »

Will Spain finally have a government?

MADRID: The main candidates in Spain’s fourth national election in four years have already dismissed several possible scenarios for forming a government by agreement should the result be inconclusive. But all parties are well aware that voters do not want a fifth election, and they might have to strike a deal in the end. Here are possible scenarios: MINORITY SOCIALIST ... Read More »

IAG buys Spain’s Air Europa for €1 billion

Aer Lingus and British Airways owner IAG said today it had agreed to buy Spanish carrier Air Europa for €1 billion in cash. The deal will bolster its ability to compete for European travel to Latin America and the Caribbean through Madrid. Against the backdrop of a challenging environment for airlines globally, the deal is the latest by a big ... Read More »

Catalonia situation capping economic growth in Spain: minister

Spain’s acting Economy Minister Nadia Calvino said on Wednesday the country would more widely outperform the European Union’s economic growth if sub-par growth in Catalonia returned to average. “In the last couple of years we have seen high political uncertainty, also social tension,” in Catalonia, Calvino said, “which I’m quite sure has had an economic impact.” She did not give ... Read More »

Spanish cheese, wine and oil to be subject to new US tariffs

Spanish cheese, wine, olive oil and pork products will be affected by the United States government’s decision to introduce new duties on certain European Union exports starting on October 18. The move comes after the World Trade Organization (WTO) ruled that the US can impose annual tariffs on as much as $7.5 billion worth of European exports in retaliation for ... Read More »

Jobs facing ax and millions in losses: How the Thomas Cook collapse affects Spain

The collapse of Thomas Cook has left a huge hole in the Spanish tourism industry. The British travel group, which ceased activity on Monday after failing to secure funding, is one of the largest sources of tourists to Spain, bringing around 3.6 million passengers to the country every year. Spanish companies, especially in the Canary and Balearic Islands, where Thomas ... Read More »

Bottled gas prices fall again: Cheapest in three years

BOTTLED gas has dropped in price again today ) for the fifth time on the trot and is now at its lowest in three years. As at yesterday, butane gas cost €12.78 for a standard 12.5-kilo orange bottle – the lighter-weight silver bottles not being subject to State price control, meaning they are usually more expensive – but has now ... Read More »

Spain’s Socialist party would maintain lead, polls show

MADRID: Spain’s Socialist party would win a November election and gain more seats, two polls showed but it would fall short of a majority and would still need support from other parties to form a government. The Socialists finished first in an inconclusive national election in April but acting Prime Minister Pedro Sanchez has failed to form a government with ... Read More »

Spanish stocks-Factors to watch on Monday

The following Spanish stocks may be affected by newspaper reports and other factors on Monday. Reuters has not verified the newspaper reports, and cannot vouch for their accuracy: TELEFONICA The Spanish telecom group is considering making a bid for its Brazilian rival Oi and has hired an investment bank to advise it on buying some or all of the company, ... Read More »

Spanish industry feels the strain of global economic slowdown

The goal of having industry represent 20% of Spain’s gross domestic product (GDP) seems increasingly like a pipe dream. Instead of gaining weight in the national economy, industry is retreating. The latest indicators point to a slowdown in manufacturing, increasing the risk that industry’s contribution to GDP could fall below last year’s figure of 14%. The only time when this ... Read More »

Tourism, jobs, pollution: the pros and cons of Barcelona’s 3m cruise ship visitors

Over 3 million visitors arrived in Barcelona on cruise ships in 2018, making the city Europe’s biggest cruise destination ahead of other top ports including Palma de Mallorca, Venice or Southampton. Barcelona is also the fourth top cruise destination globally, and the president of Barcelona’s Chamber of Commerce, Joan Canadell, says it ‘is a good thing for the country.’ Those ... Read More »

Spain makes new offer to help migrant rescue boat off coast of Italy

Spain has made another offer to the Open Arms migrant rescue vessel situated off the coast of Italy to dock at the nearest Spanish port. It’s after the boat with more than 100 people on board rejected a plan to dock in Algeciras because it was too far away. The migrants, most of whom are African, had been picked up ... Read More »

Spain’s Socialists rise above 40%, voter poll shows

MADRID: Spain’s Socialist party extended its lead in an opinion poll published which potentially put it on course to challenge for a majority in a snap election days after it failed to persuade lawmakers to confirm it in government. Party leader Pedro Sanchez has been acting prime minister since April when the Socialists finished first in an inconclusive national election. ... Read More »

Spain’s Podemos demands bigger government role to back Sanchez as PM

MADRID: Spain’s far-left Podemos on Monday demanded higher profile government posts, upping the ante on the eve of Socialist Pedro Sanchez’s confirmation vote as prime minister after politicians from both sides had said a deal was within reach. Almost three months after an inconclusive national election left the Socialists as the biggest party but short of a majority, parliament began ... Read More »

Spain: poverty hits millions despite growth

But this is a special day for them. They are here with social workers from the organisation Entre Amigos (Between Friends). They are part of the millions of Spaniards who are not reaping the benefits of the economic upturn. We travel with them to their neighbourhood in Polígono Sur, known as ‘the ’3.000 homes’, one of the poorest in Spain. ... Read More »